SPOKANE, Wash.–Credit unions here have entered into a partnership with the Spokane Low Income Housing Consortium as part of an effort to address a waiting list that can be as long as three years to obtain low-income housing.
The GoWest Credit Union Association’s GoWest Foundation has joined with the Consortium to establish Washington’s first-ever land bank, which will make property available for development of low- income housing.
The foundation has provided a $45,000 grant for the project.
“This initiative removes a significant barrier – upfront costs – for the development of low-income housing,” said Sharee Adkins, executive director, GoWest Foundation. “Through their collaboration and partnership with the consortium, Spokane credit unions are at the intersection of a critical need, and the solutions that will ultimately provide housing for people.”
According to the GoWest CU Association, local credit unions, including STCU, brought the idea of the opportunity forward to the foundation and will “partner closely” with the consortium to secure additional funding.
“While there is no one solution to the challenges we face, the land bank is an important part of the puzzle,” said STCU President and CEO Ezra Eckhardt. “As a top local real estate lender in Spokane, we’re pleased to play a role in this important initiative.”
Advocacy Plays Role
The GoWest association reported that a “key swath” of property likely to be developed for low-income housing as part of the project is the result of credit union-supported legislation that passed the Washington State Legislature in 2022.
The legislation, sponsored by Senate Majority Leader Andy Billig, (D-Spokane), allows the Washington State Department of Transportation to lease surplus property at minimal costs for uses such as affordable housing, according to the GoWest CU Association.
“More than 60 years ago, the construction of I-90, split the city’s East Central Neighborhood, uprooting homes, schools, and more. The land bank project could be an important step in giving back to the community,” the association said.
The association added that the legislation, which passed with broad bipartisan support, is an example of advocacy working to help ease a local crisis.
In July, the Consortium completed the steps necessary to create the land bank and will next select board members and continue obtaining seed money for land acquisition, according to the GoWest CU Association.
‘Holistic Approach’
“As not-for-profit cooperatives, credit unions are uniquely focused on building brighter financial futures for their members, and at the same time on making a tangible difference in the communities they serve,” Adkins said. “Getting behind the land bank project in Spokane is an example of the holistic approach credit unions take to being solutions providers.”
The GoWest CU Association represents credit unions in Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming.